South Korea to pilot blockchain-based deposit tokens for government spending
The Block
South Korea is testing blockchain-based deposit tokens for official government spending to improve transparency and administrative efficiency.Summary
South Korea's Ministry of Finance and Economy is launching a pilot project to replace traditional government credit and debit cards with blockchain-based deposit tokens. By pre-setting allowable spending times and categories, the initiative aims to increase transparency and eliminate the administrative burden of reporting irregular expenses. The pilot is scheduled to begin in Sejong-si during the fourth quarter of this year, with potential for future expansion. This project operates under a regulatory sandbox and precedes broader legislative efforts regarding stablecoins and real-world asset tokenization.
(Source：The Block)